Payday loans are short term cash advance loans with high interest and fees that are repaid on your next payday. In some states, like Maryland, payday loans are illegal. But, there are lenders who have figured out a way around those laws to offer predatory high-interest loans to those with bad credit.
Options For Payday Loans in Maryland
Although payday loans are legally banned in the state of Maryland, tribal loans are not. Let’s talk about what a tribal loan is and why there are safer alternatives for these short-term loans.
Tribal Loans
A tribal loan (also known as short term installment loans) is a loan from a financial institution owned and operated by a Native American tribe. A tribal lender operates and facilitates under tribal sovereignty law rather than state law, bu, they must adhere to federal lending and finance laws. When looking for a tribal loan, a NAFSA member loan is considered the gold standard for legitimate tribal affiliation.
The Native American Financial Services Association (NAFSA) represents the advocacy and interests of tribal-owned finance businesses. Although, like payday loans, tribal loans do offer a more flexible repayment structure over months vs. one lump sum.
Depending on the lender, you may or may not need your credit checked. But don’t be fooled by their flexible repayment options. Tribal loans have higher-than-average APRs and extra fees, especially if you make a late payment. Below are two tribal loan lenders that operate in many states, including Maryland.
| Tribal Lender | Maximum Loan Amount | Average APR |
| BrightLending | $300 to $1000 | APR Varies Average 725% |
| Loans At Last | $100 to $2000 | APR Varies Average 700% |
Keep in mind that these loans are not regulated by the state of Maryland (which banned payday loans over their predatory practices) and can reach triple digits in APR rates. The requirements differ from lender to lender and typically get deposited as soon as the next day. Here are some of the most common requirements
- At least 18 years old
- U.S. citizen or permanent U.S. resident
- Provide social security number
- Active checking account in your name
- Verified source of income received through direct deposit, stable employment and banking history
- Valid phone number, address and email address
- Must not have a current bankruptcy case or intend to file for bankruptcy
Payday Loan Alternatives in Maryland
Finding some extra cash to get through the week doesn’t have to put you in financial distress! We’ve put together our favorite options for loan alternatives to help you through the rough patches.
Instacash
Instacash from MoneyLion lets you borrow up to $250 instantly from your MoneyLion mobile app. Use Instacash advances for a cellphone bill you need to cover until your next payday or for whatever you need. We don’t pull credit or charge you any interest. Yes, 0% is our favorite interest rate!
If you took out a loan with tribal loans or paydays and couldn’t pay it off, expect to be hit hard with late fees and interest. With Instacash, we will put your mind at ease! Whatever amount you borrowed gets deducted on your next direct deposit payday. Use Instacash every pay period and keep those coins safe under the couch cushions.
Credit Builder Loans
At MoneyLion, we also offer Credit Builder Plus loans for those who struggle with bad, little, or no credit history. For only $19.99/ month, you’ll have access to loans up to $1000 with low APR, access to Instacash advances, and the option to add other premium financial tools at no additional cost. SCORE! We will help you stay on track with timely payments and report positive repayment history to all 3 credit bureaus to help you build your credit fast.
Depending on your finances, part of your loan may et held in a Credit Reserve Account in your name, helping you save while building your credit score. When you pay off your loan, you get the rest of the cash. We are a one-stop-shop for banking, saving, and borrowing!
Apply for a Credit Builder Loan
Compare Your Choices for Cash Advances in Maryland
| Loan Source | Loan Amount | APR | Fees | Repayment Amount |
| Bright Lending | $500 | Average 725% | A late fee of 10% of the payment due if your payment is five or more days late | $2944.62 |
| Loans At Last | $500 | Average 700% | 5 day grace period for late payments, after that its a $20 late fee. | $2944.62 |
| Instacash | Up to $250 | 0% | $0 required fees | $250 |
| Credit Builder Loan | Up to $1000 | 5.99% APR to 29.99% | $19.99 monthly membership fee | To see our competitive rates, click here. |
Borrowing With You In Mind!
Even though payday loans are illegal in Maryland, there are plenty of online cash advances options to help you out. Tribal loans may have more flexible payment options, but they are just as tricky and costly as payday loans.
MoneyLion makes online banking and borrowing easy and effortless, without putting you into financial hardships. Head over to MoneyLion now to find out how we can serve you!
